{
  "docId": "019dd923-622c-750b-8b9a-931d15d7e8ac",
  "docSlug": "c71f39d7ed80",
  "documentTitle": "SMART Global Holdings, Inc. (SGH)",
  "authorId": "60_Wolfpack_Research",
  "authorName": "Wolfpack Research",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-09-25 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 22,
  "pageCount": 35,
  "prevPage": 21,
  "nextPage": 23,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 2,
  "notes": "Uses a screenshot from a YouTube video as evidence of low-quality operations to contradict the $12M valuation.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "screenshot",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9a-931d15d7e8ac/22",
  "deckHref": "/decks/019dd923-622c-750b-8b9a-931d15d7e8ac",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-931d15d7e8ac.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-931d15d7e8ac#slide-22",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Does that look like the headquarters of a $12 million “leading-edge technology company” to you?",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-78b4-70ad-b392-542baaa6d411",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.86,
        "x": 0.07,
        "y": 0.34
      },
      "kind": "image",
      "text": "YouTube video screenshot of Inforce office",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5e255de4-c959-48c4-9951-160089a00359",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.86,
        "x": 0.07,
        "y": 0.12
      },
      "kind": "paragraph",
      "text": "This confusing basket of acquisitions may not restore SGH's profitability, but at least one of them has benefited its executives. Inforce was majority-owned by SGH's Chairman/CEO Ajay Shah and two SGH board members...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4fc9cc1f-b09a-4d5d-8fe7-37e1ca00559c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.86,
        "x": 0.07,
        "y": 0.72
      },
      "kind": "paragraph",
      "text": "Does that look like the headquarters of a $12 million “leading-edge technology company” to you?",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9ff0df7e-d7ae-4261-bdef-94bb037923e2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.86,
        "x": 0.07,
        "y": 0.76
      },
      "kind": "paragraph",
      "text": "Inforce Computing Inc., of California, owns an Indian company called Inforce Computing (India) Private Limited (“Inforce India”). Our due diligence indicates that the vast majority of Inforce’s employees, operations and assets are in the Indian subsidiary...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b0b47988-4fb2-481f-8d67-406b41f7e19d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.4,
        "x": 0.07,
        "y": 0.88
      },
      "kind": "source-note",
      "text": "18 SGH SEC Form 8-K, filed July 12, 2019\n19 https://www.youtube.com/watch?v=4J_wHSJN6VE",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "376622ba-62e2-4201-ae61-375b7e3e3a3e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.25,
        "x": 0.07,
        "y": 0.09
      },
      "kind": "title",
      "text": "Heads I Win, Tails You Lose",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ff3dbfa6-6cd2-477d-bdeb-ed26c4483162",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "0e55f2ce-6014-4bb6-b443-98b25eb201cc",
      "evidence": "The slide uses visual evidence to contradict the valuation of an acquisition, implying self-dealing.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [
    {
      "to": 22,
      "from": 16,
      "name": "Aha Moment",
      "slug": "03-aha-moment",
      "bestFor": "Data-heavy sections, research findings, analytical arguments",
      "matchId": "b609d924-f695-472b-9a8c-f06626448acd",
      "evidence": "The document's analysis of SGH's financial data and market trends.",
      "position": 1,
      "objective": "To highlight the implications of SGH's strategy and financial performance",
      "structure": "The Problem/Question -> What the Data Shows -> The Insight",
      "confidence": 0.7,
      "description": "Establish a tension, present data, then deliver the insight that changes everything"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}